Green Markets - October 23, 2024

Oct 24, 2024

Green Markets is a daily series dedicated to highlighting events of interest that could impact investments within environmental markets.

The Hong Kong Monetary Authority (HKMA) has announced that all banks in Hong Kong must achieve net-zero greenhouse gas emissions by 2030. Additionally, banks must ensure their lending practices align with net-zero targets for companies and projects by 2050.
Cemex and Linde have partnered to decarbonize cement production at Cemex's Rüdersdorf plant in Germany, supported by $170 million from the EU Innovation Fund. They will implement Linde’s carbon capture technology, aiming to capture 1.3 million metric tons of CO2 annually. The project is part of Cemex's Future in Action strategy, which seeks to achieve full decarbonization by 2030.

TotalEnergies and Vanguard Renewables have started construction on a renewable natural gas (RNG) project at Oakmulgee Dairy Farm in Virginia. The facility will produce over 259,000 MMBtu of RNG annually, processing 105,000 tons of food and beverage waste. The RNG will fuel AstraZeneca's Maryland biopharmaceutical production. This project is part of a joint venture to develop 10 RNG sites across the United States, with potential for an additional 60 projects.

The EU is investing €4.8 billion from its emissions trading revenues into 85 net-zero projects across 18 countries. These projects will span energy-intensive industries, renewable energy, carbon management, and clean mobility, and more. This investment supports key initiatives under the Net-Zero Industry Act, including boosting solar and electrolyzer manufacturing capacity and advancing carbon capture technologies. Grant agreements are expected to be finalized in early 2025.

JPMorgan Chase is in discussions to resume physical LNG trading after over a decade. The bank is reportedly negotiating long-term LNG supply agreements with several projects on the Gulf Coast, including Commonwealth LNG in Louisiana, a Sempra Energy site in Texas, and an Energy Transfer facility in Louisiana.
Singapore LNG Corporation has signed an agreement with Mitsui O.S.K. Lines for a floating storage and regasification unit (FSRU) to support the country's second LNG terminal at Jurong Port. The new FSRU, with a storage capacity of 200,000 cubic meters and a regasification capacity of 5 million tons per annum, is expected to start operations by the end of the decade.

Related Stock List(s): LNG Stocks

El Salvador's Legislative Assembly has approved a new "Nuclear Energy Law" to regulate the construction and operation of nuclear energy facilities. The law, backed by President Nayib Bukele's party, is a significant step toward the nation's first nuclear reactor, which is planned to be operational within seven years. Currently, El Salvador relies heavily on renewable sources, which constituted 83% of its electricity consumption by the end of 2022.
NextEra Energy is exploring the potential restart of its Duane Arnold nuclear plant in Iowa amid rising electricity demand driven by AI and electrification.

Avaana Capital announced the final close of its climate-tech fund, raising $135 million, surpassing its initial $120 million target. The fund will focus on early-stage companies that address climate mitigation and adaptation, sectors like energy, mobility, and sustainable agriculture.

Green Investing